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Articles 1 - 30 of 45
Full-Text Articles in Law
Back To The 1930s? The Shaky Case For Exempting Dividends, Reuven S. Avi-Yonah
Back To The 1930s? The Shaky Case For Exempting Dividends, Reuven S. Avi-Yonah
Articles
This article is based in part on the author’s U.S. Branch Report for Subject I of the 2003 Annual Congress of the International Fiscal Association, to be held next year in Sydney, Australia (forthcoming in Cahiers de droit fiscal international, 2003). He would like to thank Emil Sunley for his helpful comments on that earlier version, and Steve Bank, Michael Barr, David Bradford, Michael Graetz, and David Hasen for comments on this version. Special thanks are due to Yoram Keinan for his meticulous work on the EU regimes (see Appendix). All errors are the author’s. In this report, Prof. Avi-Yonah …
Revised Innocent Spouse Rules Offer Greater Tax Relief, Linda M. Johnson, A. Bruce Clements
Revised Innocent Spouse Rules Offer Greater Tax Relief, Linda M. Johnson, A. Bruce Clements
Faculty and Research Publications
When a married couple files a joint tax return, both spouses become jointly and severally liable for the income taxes due, including any additional taxes, interest, and penalties determined at a later date. In the event of an underpayment of income tax, the IRS can proceed against either spouse to collect the entire tax deficiency. This places a spouse in a precarious position in situations where the other spouse deliberately omits income or overstates deductions on a jointly filed income tax return, even if the spouse is totally unaware of the other's transgressions. Relief from joint and several liability is …
Buy-Sell Agreements And Nontax Issues In Planning For Business Succession, Farhad Aghdami
Buy-Sell Agreements And Nontax Issues In Planning For Business Succession, Farhad Aghdami
William & Mary Annual Tax Conference
No abstract provided.
Exit Strategies For Owners Of Privately Held Businesses, R. Marshall Merriman Jr., Arthur E. Cirulnick, Paul H. Wilner
Exit Strategies For Owners Of Privately Held Businesses, R. Marshall Merriman Jr., Arthur E. Cirulnick, Paul H. Wilner
William & Mary Annual Tax Conference
No abstract provided.
Choosing A Business Entity For The 21st Century, Samuel P. Starr, Thomas P. Rohman, L. Michael Gracik Jr.
Choosing A Business Entity For The 21st Century, Samuel P. Starr, Thomas P. Rohman, L. Michael Gracik Jr.
William & Mary Annual Tax Conference
No abstract provided.
Uses Of Life Insurance For The Closely-Held Business, Mary Anne Mancini
Uses Of Life Insurance For The Closely-Held Business, Mary Anne Mancini
William & Mary Annual Tax Conference
No abstract provided.
Employee Benefits Issues In Purchase And Sale Of Privately Held Business, Andrea L. O'Brien
Employee Benefits Issues In Purchase And Sale Of Privately Held Business, Andrea L. O'Brien
William & Mary Annual Tax Conference
No abstract provided.
Deconstructing The General Plan Of Rehabilitation, John W. Lee
Deconstructing The General Plan Of Rehabilitation, John W. Lee
Faculty Publications
The general plan of rehabilitation doctrine provides that expenses incurred as part of a plan of general rehabilitation must be capitalized even though the same expenses incurred separately would be deductible as ordinary and necessary repairs. The emerging general standard after INDOPCO for current deduction of an expenditure with future benefits, the case with most repair/ improvement expenditures, is a balancing test: Whether the taxpayer ’s administrative and record keeping costs associated with capitalization outweigh the potential distortion of income from a current deduction of the future benefit expenditures. “Rough justice” rules for current deduction of future benefits expenditures, reflecting …
Employer Tax Liability For Employees' Tips: Fior D'Italia, Steve R. Johnson
Employer Tax Liability For Employees' Tips: Fior D'Italia, Steve R. Johnson
Scholarly Publications
Given Nevada's heavy concentration of businesses in which employees are tipped, lawyers here may be more than usually interested in a recent decision by the United States Supreme Court. On June 17, 2002, the Court decided United States v. Fior D'ltalia, Inc. By 6 to 3, the Court held that the IRS may use an “aggregate estimation” method to determine employers’ liability for Social Security (FICA) taxes imposed on their employees’ tip income. The decision is an important development in a controversy of long duration, but it is not the end of that controversy. This article …
Campaign Finance Disclosure And Section 527 Of The Code: A Look At The District Court's Opinion In National Federation Of Republican Assemblies, Donald B. Tobin
Campaign Finance Disclosure And Section 527 Of The Code: A Look At The District Court's Opinion In National Federation Of Republican Assemblies, Donald B. Tobin
Faculty Scholarship
This report examines the decision of the U.S. District Court for the Southern District of Alabama in National Federation of Republican Assemblies v. United States, which dealt with section 527 political organizations.
Why Craft Isn't Scary, Steve R. Johnson
Why Craft Isn't Scary, Steve R. Johnson
Scholarly Publications
In April 2002, the Supreme Court of the United States decided United States v. Craft. The Court held that the federal tax lien attaches to a tax-debtor spouse’s interest in property held in tenancy by the entirety even when the other spouse does not owe tax and state law provides that entireties property and interests cannot be reached by separate creditors of only one spouse.
Craft was correctly decided. The older, contrary view that Craft displaced was fundamentally at odds with federal tax collection analysis as laid out by the Court. In addition, the old view invited tax abuse and …
Proposal To Reform The Like Kind And Involuntary Conversion Rules In Light Of Fundamental Tax Policies: A Simpler, More Rational, And More Unified Approach, Fred B. Brown
All Faculty Scholarship
Almost from the beginning of the federal income tax, the law has contained two nonrecognition provisions that have undergone relatively little change: the like kind rule and the involuntary conversion rule. Commentators have questioned the policy grounds for the like kind rule in general, and for some of its particular features, such as the exchange requirement. Congress and its staffers have also noted the complexity caused by certain aspects of the rule and have enacted or proposed remedial changes in this regard. The involuntary conversion rule also contributes to the complexity of the tax system given the fact-intensive analysis that …
Transaction Costs Relating To Acquisition Or Enhancement Of Intangible Property: A Populist, Political, But Practical Perspective, John W. Lee
Faculty Publications
No abstract provided.
Drawing The Line Between Taxes And Takings: The Continuous Burdens Principle, And Its Broader Application, Eric Kades
Drawing The Line Between Taxes And Takings: The Continuous Burdens Principle, And Its Broader Application, Eric Kades
Faculty Publications
No abstract provided.
Pay Equity: A Fundamental Human Right, Margot Young
Pay Equity: A Fundamental Human Right, Margot Young
All Faculty Publications
This paper undertakes the limited task of determining what interpretive consequences, if any, might flow from the removal of federal pay equity provisions from their current location in the Canadian Human Rights Act and placement of such provisions in their own stand-alone legislation. Part of the interpretive stance courts currently bring to their consideration of the federal pay equity provisions reflects the placement of these provisions within federal human rights legislation. Courts have held that human rights legislation has a special nature or quasi-constitutional status. This status results from the fundamental character of the values the legislation expresses and the …
The Once And Future Property Tax: A Dialogue With My Younger Self, Edward A. Zelinsky
The Once And Future Property Tax: A Dialogue With My Younger Self, Edward A. Zelinsky
Articles
As I look back on my youth (expansively defined as the first 40 years of my life), everywhere I went, the local real property tax was perceived as both bad and doomed. If I could speak with the brash young law student/graduate student/alderman I once was, he would undoubtedly tell me, with great confidence, that by the beginning of the next century (which then seemed very far away) the property tax would no longer play a role in the system of local public finance.
Alas, he was wrong.
This essay explains why the young man I once was, confident of …
After Craft: Implementation Issues, Steve R. Johnson
After Craft: Implementation Issues, Steve R. Johnson
Scholarly Publications
Scientists often observe that answering one question about the world or universe causes many new questions to arise. Chess players understand that to win material in the opening or middle game is empty without playing the end game properly. Military commanders and their civilian superiors know that winning a battle is not an end in itself. They must then address what do with their victory, how to turn it to useful result. Having to confront these second-generation or follow-up problems clearly beats the alternatives (remaining ignorant or losing the game or battle), but initial success ushers in not immediate repose …
Ability To Pay, Stephen Utz
Ability To Pay, Stephen Utz
Faculty Articles and Papers
There is broad agreement that a fair tax should be imposed in accordance with taxpayers' ability to pay. A utility-based interpretation of this standard, used in most tax policy discussions today, does not adequately reflect the its historical development and cannot escape long standing and devastating criticisms from within welfare economics and on other general grounds. This article traces the history of ability to pay, with special reference to the standard's emergence along with the British and German income tax laws, and in the theoretical literature that followed the adoption of income tax laws there and elsewhere. The article concludes …
Choice Of Entity For A Venture Capital Start-Up: The Myth Of Incorporation, Daniel S. Goldberg
Choice Of Entity For A Venture Capital Start-Up: The Myth Of Incorporation, Daniel S. Goldberg
Faculty Scholarship
No abstract provided.
Income Tax Planning For Long-Term Care, David M. English
Income Tax Planning For Long-Term Care, David M. English
Faculty Publications
Planning for long-term involves more than the preparation of powers of attorney and counseling on possible asset transfers to qualify for Medicaid reimbursement. Steps should also be taken to make certain that the person receiving care continues to file an income tax return and does so at a minimum possible income tax cost. Practitioners should be familiar with the procedure for filing a return on behalf of an incapacitated individual. The medical expense deduction, while of little importance for most taxpayers, is critical for many elderly, particularly for those receiving long-term care. Long-term care insurance and life insurance may be …
Enron, Accounting, And Lawyers, Matthew J. Barrett
Enron, Accounting, And Lawyers, Matthew J. Barrett
Journal Articles
Enron's collapse painfully illustrates the importance of financial accounting to all lawyers. Accounting is often referred to as "the language of business." Virtually every lawyer represents businesses, their owners, or clients with adverse legal interests, such as creditors and customers. Especially after Enron, lawyers cannot competently represent clients if they do not grasp certain basic principles about accounting. This article lists the top ten accounting lessons that any lawyer could learn from the scandal. These lessons include the components of a complete set of financial statements, the choices inherent in generally accepted accounting principles, the distortions possible in pro forma …
Aljs In State-Local Tax Cases: To Whom Is Deference Due?, Steve R. Johnson
Aljs In State-Local Tax Cases: To Whom Is Deference Due?, Steve R. Johnson
Scholarly Publications
This installment of the column reports on an interesting recent Nevada sales tax case, State Dep’t of Taxation v. Masco Builder Cabinet Group. The case involved two issues: (1) whether the Department of Taxation gave appropriate deference to the findings and conclusions of the administrative law judge who had originally heard the case, and (2) whether the principle of equitable tolling applied to extend the statute of limitations period for the taxpayer’s refund claims. The taxpayer, represented by attorney Brett Whipple, prevailed in the Nevada Supreme Court on both issues.
The first part below develops the facts of Masco …
Tax Shelters And The Tax Minimization Norm: How Does The Patenting Of Tax Advice Transform The (Global) Playing Field, Linda M. Beale
Tax Shelters And The Tax Minimization Norm: How Does The Patenting Of Tax Advice Transform The (Global) Playing Field, Linda M. Beale
Law Faculty Research Publications
No abstract provided.
Current Problems Of International Taxation Of Electronic Commerce, Nuran G. Kerimov
Current Problems Of International Taxation Of Electronic Commerce, Nuran G. Kerimov
LLM Theses and Essays
This thesis discusses the main problems that face tax authorities of many countries in the process of taxation of electronic commerce. It analyzes examples of problems posed by the growth of e-commerce in the context international direct and indirect taxation. Current international policy issues are the subject of discussion of the thesis. The thesis also analyzes some of the proposals regarding taxation of electronic commerce.
Should Ambiguous Revenue Laws Be Interpreted In Favor Of Taxpayers?, Steve R. Johnson
Should Ambiguous Revenue Laws Be Interpreted In Favor Of Taxpayers?, Steve R. Johnson
Scholarly Publications
There was a time when courts construed, or said that they construed, ambiguous federal tax statutes in favor of taxpayers. That time is long past. Or is it? This article examines whether, because of a recent Supreme Court case, the pro-taxpayer constructional preference may be resuscitated, and whether it should be.
The Interaction Of Tax And Non-Tax Treaties, Robert A. Green
The Interaction Of Tax And Non-Tax Treaties, Robert A. Green
Cornell Law Faculty Publications
This background note consists of two parts. Part one provides an overview of the extent to which tax matters are currently covered in non-tax treaties. This discussion focuses on the general agreement on tariffs and trade (GATT)/World Trade Organization (WTO) agreement and the North American free trade agreement (NAFTA) (which cover direct tax measures only to a limited extent) and the European Community (EC) treaty (which covers direct tax measures more broadly). Part two outlines the issues raised when tax matters are covered in non-tax treaties.
Asset Acquisitions: A Colloquy, Samuel C. Thompson Jr.
Asset Acquisitions: A Colloquy, Samuel C. Thompson Jr.
Journal Articles
No abstract provided.
Personal Deductions – An "Ideal" Or Just Another "Deal"?, Jeffrey H. Kahn
Personal Deductions – An "Ideal" Or Just Another "Deal"?, Jeffrey H. Kahn
Scholarly Publications
The allowance of many personal deductions, such as the deduction for medical expenses or charitable contributions, has been criticized on the contention that such deductions are not appropriate elements of an income tax system, but rather are merely devices by which Congress has expended federal funds to further some nontax program or other goal. The tax revenues that are not collected because of these provisions have been characterized as “subsidies” or as camouflaged direct expenditures of the government. This view has attained such prominence that Congress requires the federal government to publish annually a “budget” that lists those tax provisions …
The Good, The Bad, And The Ugly In Post-Drye Tax Lien Analysis, Steve R. Johnson
The Good, The Bad, And The Ugly In Post-Drye Tax Lien Analysis, Steve R. Johnson
Scholarly Publications
No abstract provided.
Simplifying And Rationalizing The Federal Income Tax Law Applicable To Transfers In Divorce, Deborah A. Geier
Simplifying And Rationalizing The Federal Income Tax Law Applicable To Transfers In Divorce, Deborah A. Geier
Law Faculty Articles and Essays
This 2002 article explores the tax consequences of transfers in divorce and suggests how the tax consequences can be both simplified and rationalized. This article was written as an "Academic Adviser" to the Joint Committee on Taxation in connection with a study mandated by Congress on the overall state of the Federal tax system (June 2000 through April 2001) and was first published at JOINT COMMITTEE ON TAXATION, STUDY OF THE OVERALL STATE OF THE FEDERAL TAX SYSTEM AND RECOMMENDATIONS FOR SIMPLIFICATION JCS-3-01, VOLUME III (ACADEMIC PAPERS), April, 2001, at 19.